Sunland Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $87,000 on available-for-sale securities A gain of $40,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $50,000 gain on disposal) Assume all items are subject to income taxes at a 10% tax rate Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income (Enter loss using either a negative sign preceding the number eg-2,945 or parentheses eg (2.945))
Sunland Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $87,000 on available-for-sale securities A gain of $40,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $50,000 gain on disposal) Assume all items are subject to income taxes at a 10% tax rate Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income (Enter loss using either a negative sign preceding the number eg-2,945 or parentheses eg (2.945))
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the
following items (before considering income taxes).
1.
2
An unrealized loss of $87,000 on available-for-sale securities.
A gain of $40,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $50,000 gain on
disposal).
Assume all items are subject to income taxes at a 18% tax rate.
Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
(Enter loss using either a negative sign preceding the number eg-2,945 or parentheses eg. (2.945))
SUNLAND CORPORATION
Income Statement (Partial)
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